Geithner to get market briefing from regulators

MARTIN CRUTSINGER|AP Economics Writer

Published 1:23 PM ET Mon, 10 May 2010
The Associated Press

Federal regulators and top officials from the New York Stock Exchange and other exchanges plan to brief Treasury Secretary Timothy Geithner on their investigation into last week's stock market turbulence.

Treasury Department spokesman Andrew Williams said that Geithner and other Treasury officials would be meeting later Monday with officials of the Securities and Exchange Commission and the Commodity Futures Trading Commission as well as with representatives of the various U.S. market exchanges.

Williams said the purpose of the meeting was to report to Geithner on the progress that was being made in analyzing what had caused last Thursday's turbulence in which the Dow Jones industrial average briefly plummeted nearly 1,000 points from its previous close.

Geithner was scheduled to meet with President Barack Obama later Monday after his meeting with market regulators and the exchange officials.

SEC Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler were both scheduled to participate in the briefing as well as the heads of severa major U.S. exchanages.

The exchanges that had been invited to participate in the meeting at the Treasury Department included the New York Stock Exchange-Euronext, DirectEdge, International Securities Exchange, NASDAQ OMX, the Chicago Board Options Exchange, BATS Global Markets, the CME Group and the IntercontinentalExchange.

Williams said that representatives of the Financial Industry Regulatory Authority would also participate in the discussions as would Deputy Treasury Secretary Neil Wolin; Jeffrey Goldstein, Treasury undersecretary for domestic finance, and Mary J. Miller, Treasury's assistant secretary for financial markets.